Hyperplane has announced a $6 million funding round led by the to bring AI to banks. The company is based in San Francisco and provides foundation models to banks to help them predict customer behavior. Lachy Groom, the former executive of Stripe, a financial aid company, led the round. Along with it, many other organizations, like Latitud, Atman Capital, Soma Capital, Clocktower Technology Ventures, Crestone VC, Liquid2 Ventures, and Norte, participated. The basic idea of Hyperplane is to conduct this funding round to allow banks to use their first-party data and build personalized experiences by predicting user behavior.
Vision of Hyperplane
Hyperplane entered the market in 2015, and since then, it has been working to develop AI solutions for financial companies. Felipe Lamounier, Rohan Ramanath, Felipe Meneses, and Daniel Silva co-founded this company, as both of them were highly experienced in the finance and technology sector. Now, after they have created artificial intelligence models for several other financial institutions, they are looking forward to bringing AI to the banks. Today, they have conducted a funding round of $6 million for this initiative. The model is proposed to improve banks’ operational capabilities, reduce costs, and provide services to their customers.
Hyperplane Approach
Hyperplane is currently working with more than 10 banks in Brazil to streamline their core operations and provide them with immense benefits. Now, they are focused on expanding their network to the United States to deliver exciting functionalities to banks. In this way, more and more users will be able to enjoy the significant perks generated by AI models integrated into the bank infrastructure.
Hyperplane Owner’s Statement
Ramanath explained in his statement that the motivation behind conducting this funding round is to identify the elements required to bring a personalization layer to the world of banking. In addition, he stated that Hyperplane’s goal is to ensure that the banks can use their first-party data to build a data intelligence layer for more effective functioning.
Felipe Lamounier also comes to the part with a strong emphasis on the fact that the banks have a variety of granular data about their customers. However, they cannot provide it to other services. He also stated that banks’ data is a far better option for predicting user behavior than the information provided by Google or Facebook. The evidence he provides in his statement is that banks can easily check on the grocery stores or restaurants users go to. On the other hand, visiting the Porshe website doesn’t mean that the visitor can purchase it.
Future Prospects
With this funding round of $6 million, Hyperplane has laid the foundation for bringing AI models into the banks. As a result, financial institutions can handle customer data more precisely, which results in more personalized suggestions. Furthermore, it helps in fraud detection, customer service, and risk management, delivering complete advantages to users.
